Learning from dad?

or Register to post new content in the forum

21 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Oct 3, 2008 12:12 am

I am currently a college senior majoring in business and have a father who has been an FA for about 30 years now.  He has offered me a spot in his office to come work with him after I graduate.  He does very well at it and manages his branch so he has the ability to bring me in and show me the ropes. 

 
Do you guys think this is a good idea?  How much of an advantage will it be to have someone like that to teach me the business?  Will it make it much easier than it would be if I had no connections at all?  All advice is GREATLY appreciated.
 
 
Oct 3, 2008 8:57 am
Rocker77:

I am currently a college senior majoring in business and have a father who has been an FA for about 30 years now.  He has offered me a spot in his office to come work with him after I graduate.  He does very well at it and manages his branch so he has the ability to bring me in and show me the ropes. 

 
Do you guys think this is a good idea?  How much of an advantage will it be to have someone like that to teach me the business?  Will it make it much easier than it would be if I had no connections at all?  All advice is GREATLY appreciated.
 
 
 
This sounds boderline troll.
 

Go out and door knock a neighborhood for a day and i think you can answer this question.
 
Oct 3, 2008 10:26 am

Hi Rocker77,

Did you see my thread titled 'Cold Feet'.  I would love to be in your shoes.  Why are you even hesitating? 


Oct 3, 2008 12:36 pm

I am about 99% sure about taking it.  I was just curious about how much of an advantage my situation would give me.  I mean, at the end of the day I still have to sell, he can't sell for me.  Plus he's at the point where he doesn't do much prospecting anymore so I don't know that he is up to date on the current methods.

 


The other thing is I do not have an extremely outgoing personality.  I am pretty sure this is something I can get over though.  I have zero problem calling people or talking one on one, speaking to groups may be a different story though.
 
I do not have any sales experience but I feel that if I know what I am talking about and I really believe my services would be helpful to the prospect, then I think I could be very persuasive.  I plan on starting to prepare for all the licensing exams now, even though I won't start working til September.  I want to be able to hit the ground running when I start.  Do you guys think this is a good idea?
 
 
Oct 3, 2008 12:50 pm

No. Go out and work for someone else for at least a year or two. We all made and make mistakes, a lot of them (still) have to do with growing up. I sincerely hope my son joins me after college, and I also hope he goes out and works for a Fortune 500 firm for a few years, or a small company, to get some perspective. Let someone pay you to learn, travel, learn how to run an expense account, have some adventures, see the world. Then come into the business. You are smart to ask other people in the business, you will be successful.

Oct 3, 2008 12:54 pm

Walking9 makes a valuable comment about seeing the " other " side. Not a bad idea to learn , be trained and gain experience with another company or industry. Gives you a much better and broader perspective of the workings of business. You will not regret the experience.

Oct 3, 2008 9:08 pm

This is a tough industry to start in, live in, and survive in.  That is why the strongest survive, which I think is somewhere around 1 in 10, 5 years out of the gate.   Take this golden opportunity by the horns.  Feel no shame in thinking this is a handout.  Nearly every office out there has a family member or two in it.  Just work hard and don't ride on dad's coat tails.  You will have enemies in every office that has more than 2 people in it, whether family or not. It should be an easier transition for your dad's clients when you take over for him someday, knowing you dad has trained your mind to work like his.  If you don't take it, let me know because I will.....

Oct 3, 2008 11:21 pm
Rocker77:

Will it make it much easier than it would be if I had no connections at all?  

 
Man, Rocker. That's kind of a silly question. As the others have said, this is a very difficult job getting started, and yes, your situation would be easier. But let me tell you the risk - as I'm sure your dad knows, sometimes walking into an opportunity like this is the kiss of death. Sometimes people who step into these opportunities do not do the fundamental things that keep their business going, ie: prospecting. I would imagine that your Dad is more up on prospecting than anyone could ever teach. That is something that I think you need to learn well. However, I would also agree with the others that I would definitely take the opportunity and not worry about what others say. I hope one (or all) of my children join me in my business one day, but they WILL learn the things that I had to learn (doorknocking).
Oct 4, 2008 4:43 am
Bud Fox:

This is a tough industry to start in, live in, and survive in.  That is why the strongest survive, which I think is somewhere around 1 in 10, 5 years out of the gate.   Take this golden opportunity by the horns.  Feel no shame in thinking this is a handout.  Nearly every office out there has a family member or two in it.  Just work hard and don't ride on dad's coat tails.  You will have enemies in every office that has more than 2 people in it, whether family or not. It should be an easier transition for your dad's clients when you take over for him someday, knowing you dad has trained your mind to work like his.  If you don't take it, let me know because I will.....

 
There, you have your answer. 'Feel no shame in thinking this is a handout!' You have an exponential advantage over those who must start out 'rough.' Certainly you will experience your fair share of knocks but thank your lucky stars to be in your position and make the most of it by working hard as Bud Fox says.
Oct 4, 2008 6:12 am

I'm with Walking9 on this one.  Don't take the job.  Go to an insurance company that accepts brokered business.  After you learn to sell, you can go with dad.   You need to get perspectives other than your dad's.  Come to the business with the ability to add value to it. 

Oct 4, 2008 11:50 am

go with dad. he'll teach you all you need to know. You'll experience all you need to experience. piece of cake.

Oct 8, 2008 2:36 pm

I really appreciate everyone taking the time to post.  I am pretty much set on taking this opportunity as I feel it is by far my best shot at making it in this type of career.  The firm is one of the regional firms (one with three names) and I hope to work in my dad's office for maybe a few years while I am learning the trade and then hope to move to either NYC or Philly.


What would you guys recommend I do with the time between now and September when I would start?  I am finishing up an internship now and will take classes in the spring and the summer before graduating in August.
 
I am trying to decide how to best allocate my time between, classes, reading books about the industry, books about selling techniques, and studying for the licensing exams so I can be fully licensed by the time I start.  Which of these activities do you think are most important in preparing for the job?   Also, can you recommend any books the would be useful and that are more at the beginner/intermediate level? Thanks.
 
 
 
 
Oct 8, 2008 2:41 pm

Could be a bad decision, but before your premature death you should still consider  trying to work for somebody else in the mean time. It will be the opportunity of a lifetime. You'll have better selling skills, emotional maturity, perception - things that are kind of desirable  - if you check out the wider world. Dad can and will wait, I  know, I'm Dad and I'm  waiting.



Don't screw around, just start your CFP course work and licenses.
Oct 10, 2008 4:49 pm
.
Oct 10, 2008 5:09 pm

Smoke,

Ever hear of Zacks Rank Strategy?  One of the most successful all-cap separate account managers.  Family business.

Don't knock the family stuff as "daddy taking care of no-talent kids." 

Would you take care of your kid if he was a spineless, lazy, know-nothing?  I mean, you might. 

I wouldn't put my kids in this industry if that were the case.  


Apr 20, 2009 11:32 pm

So I ordered the book "Pass the 7" by Walker and I got the STC materials since I plan on taking my exams in a few months.  Do you guys think that Walker's book is enough to pass the test?

 
Also, is there anything else you guys would recommend I start doing to prepare to begin working in the fall.  I am almost done with classes to finish up my finance undergrad degree.
 
Thanks.
 
Apr 21, 2009 11:25 am

Dear Rocker77:


<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 


My take as a third generation broker is take ever hand up and out that you can. When my father started my grandfather help him into business, but he had to start at the very bottom, like the mail room. When my father became a broker my grandfather helped him with the market how to handle clients. My father inherited most of my grandfather’s book of business when my grandfather passed away. When I started I worked out of a different office, but same firm as my father. I wanted to make it on my own. I used my father as a resource about the market and how to handle clients, but that was it. My father told me I was being an IDIOT. When he retired, his partner got the majority of his book. This was only right. His partner deserved the majority of his book. My father wanted to give me around 10% of his book of business. The portion I got was very small less then 2% of his book because of office politics, his office manager did not want to loss branch assets and would not allow then to transfer all the assets to me that my father wished. This would not have happen if I had been working out of the same branch. I would have ended up with a much larger book. If had it to do over again I would move and work out of my father’s office for a couple of years. Do not do what I did; TAKE THE HAND UP, TAKE THE BOOK OF BUSINESS. This business is hard enough even with a hand up, do not be an IDIOT take all the help you can get.



JackBlack


Apr 21, 2009 11:39 am

If you don't take it call me and I'll come work for you dad. You will regret it if you don't take it.

Apr 21, 2009 12:45 pm

Does the saying "Never look a gift horse in the mouth" ring a bell?  Dude!  YOU HAVE TO TAKE IT!!  It sounds like you are so best of luck to you.  I'm putting your odds of success at 2 to 1.  Safe bet if you go with Dad, if you don't your odds are 50 to 1 or worse! 

Apr 21, 2009 4:53 pm

Why do bank FA's get ripped ? Because supposedly they don't have to prospect as much and it is easier. Isn't a family handout the same thing ? Most of you supporting going with a family member rip on bank FA's. No ?